Crude at 2-week high on low US output gains, Yemen crisis

Singapore

BULLS trumped bears on Thursday, propelling crude futures to a two-week high as the market reacted to shrinking US crude production gains, mounting geopolitical tensions in Yemen and a weakening dollar.

Despite crude's recent uplift, analysts remain bearish on crude prices and oil-related counters in the near-term.

The US Energy Information Administration's (EIA) latest weekly report showed that US crude production jumped by 3,000 barrels a day to 9.42 million in the week ended March 20. This is the sma…